After Brazil’s incumbent president, Luiz Inácio Lula da Silva, unexpectedly defeated Flávio Bolsonaro, Brazilian businesses increased stablecoin trading on Sunday to protect their funds. Mercado Bitcoin said corporate clients accounted for 78% of Sunday’s trading volume, with USDT trading volume up nearly 800% from the previous week. On Monday, Brazil’s Ibovespa index fell 14%, its biggest drop since March 2020, while the U.S. dollar rose more than 8% against the real. On Monday, combined trading volume for USDT and USDC reached 1.84 billion reais ($350 million), up 65% from the previous week. Prediction markets had previously put Bolsonaro’s chances of winning at around 80%.